Brent crude futures rose $1.35, or 1.69%, to $81.11 a barrel at 2339 GMT after hitting an intraday high of $81.44, the highest since Aug. 27.
U.S. West Texas Intermediate crude rose $1.40, or 1.83%, to $77.97 after hitting a high of $78.32 a barrel, its highest since Oct. 8.
U.S. The Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 ships that shipped Russian oil, targeting the proceeds that Moscow has used to fund its war with Ukraine.
The new sanctions will hit Russian oil exports hard, forcing top buyers China and India to source more oil from the Middle East, Africa and the Americas, raising prices and shipping costs, traders and analysts said.
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“The latest round of OFAC sanctions targeting Russian oil companies and a much larger number of tankers will be particularly consequential for India,” said Harry Chilingurian, head of research at Onyx Capital Group.
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